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Gazprom Neft Proposes Asset Swap With Chevron, Eni, Shell

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Gazprom Neft Proposes Asset Swap With Chevron, Eni, Shell

Dow JonesAugust 12, 2008: 02:48 AM EST

MOSCOW -(Dow Jones)- Russia’s OAO Gazprom Neft (SIBN.RS) has proposed to swap assets with a number of international majors, including Chevron Corp. (CVX), Eni SpA (E) and Royal Dutch Shell PLC (RDSA), the company said Tuesday.

“We’re starting to step up our international activity,” Gazprom Neft’s deputy general director for exploration and production, Boris Zilbermintz, said.

“We’ve already made our proposals, and we’re waiting until the end of September for responses,” he said, without elaborating.

The company also said it is planning to expand its resource base inRussia before the end of this year.

In April, Gazprom Neft, the oil arm of state-controlled gas giant OAO Gazprom (GAZP.RS), outlined an ambitious plan to increase annual crude output to between 90 million tons and 100 million tons, or 2 million barrels a day, by 2020.

Russia’s fifth-largest oil company, Gazprom Neft also said that, by the same year, it aims to raise its capitalization to $100 billion.

In July, Alexei Miller, chief executive of Gazprom, said all of Gazprom’s oil assets would be handed over to Gazprom Neft.

Company Web site: www.gazprom-neft.ru

-By Jacob Gronholt-Pedersen, Dow Jones Newswires; +7 495 937 8445; [email protected]

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